Your LifeTalk Insider #46

 Advertise | Facebook Group |
| LifeTalk Plus | Instagram |

Welcome back…

From LifeTalk and LifeTalk Plus this week:

Thanks to everyone who has subscribed to LifeTalk Insider - Let’s get stuck in…

We're nearly there...

Today's the final day to register for this year's Financial Adviser Book Writing Programme.

We have a fantastic group of IFAs and financial planners who are eager and ready to get started next week.

It's not too late to join us! You'll create the best business card you'll ever give away, a lasting legacy and something to be personally and professionally proud of.

First session is at 10 am on Tuesday 7th on Zoom. All sessions are recorded, summarised and transcribed so you don't have to attend the opening session live.

Take action and join us here.

Eugenie and 48 others: I’ve picked up a new client this week who’s had a financial plan prepared by another IFA, which they paid £3k for. They’ve baulked at the implementation costs if they went any further.

I’m always careful to not undermine or slag off another IFA so this isn’t what my question is about.

The thing is, for the 3k financial plan, they just got cash flow forecasts. No actual report mentioning objectives, no analysis of existing plans and recommendations documented. They were given a comparison of existing performance versus their portfolios. Is this a thing? Click…

Bev and 37 others: Out of interest does anyone still do 'insistent client' work? We don't and had a caller today very frustrated that no one will help her consolidate her pensions into a SIPP then invest the pot into precious metals. Click…

LifeTalk member and 38 others: I am coming to the end of my career in advice as I cannot take the constant beatings that stem from regulatory nonsense. I am age 58 and want to continue to work full or part time, but after 35 years don’t know where to start - any ideas? Click…

Matt and 39 others: Spoken to about 20 different networks recently and the offering seems to be narrowed down to OpenWork or Quilter. Any feedback about either from current or ex advisers of either please? Click…

LifeTalk member and 32 others: My network is pretty good, they cover my liability through PI for life, provide me with business development, marketing support, I’m happy with remuneration and they allow me to build my brand…. I’ve not yet figured out why I would go DA? Click…

Karen and 84 others: Under what circumstances would you recommend a capital at risk structured product please? Click…

Raj and 54 others: Client been with their ‘adviser’ for over 10 years. Decides to take PCLS from his £300k pension so contacts adviser. No meeting (or contact in 4 years). Ongoing adviser fees of 0.5% pa. 6 page letter - cover letter, 1 page of fees and 4 pages of illustrations.

Fee? Almost 4% to move into flexi access drawdown. Circa £10k. Thoughts? Click…

Paul and 10 others: Vulnerable client dilemma: What are everyone's thoughts on this situation please: I have a client whose short-term memory is deteriorating, to the point that I think he is struggling to grasp more complex parts of our conversations but can easily manage the easier bits. His wife (and attorney) is in all the meetings.

I need to do some work for him - who should sign I be advising and who should sign the apps? (1) him because he still has some capacity and he has someone there (2) his wife, just do it as attorney (3) both of them.

I personally want to do number 3 - he still feels in charge (avoiding foreseeable harm to his mental health if he knows I no longer trust him) but equally, we are protected. Number 2 is a non-starter, he is not ready to face that. Number 1 is ok but puts me (as a firm) at greater risk. Is number 3 legal, in the event of a complaint who have I given advice to? Does it matter? Click…

Posts from LifeTalk Plus this week:

Keeping personal boundaries and standards at work

Philippa Hann and Moira Somers are working on a book that looks at how easy it is for professionals to slip into misconduct due to external pressures and unclear personal boundaries.

Their research shows that even well-meaning financial advisers can be pushed into unethical decisions by clients or workplace pressures. They suggest practical steps like self-assessments and learning to say no to maintain integrity. It’s a useful reminder of the need for strong boundaries in professional life.

Have you experienced situations where you have had to say No? Click…

Super simple marketing and effective on so many levels

I talk about this idea a lot as a marketing tactic because it's really easy to do, costs nothing and just works. Click…

Marketing tip

A Financial Services brand using a psychological technique known as the Generation Effect. It's based on the idea that we’re more likely to remember a message if we have to engage with it to generate the answer, rather than simply being told it.

With care, it's an approach that could work very well on a financial adviser's website home page. Using the example below you could try "D n't let g ps in y ur fina cial pl nning h ld back your futu e" etc. Click…

Trust Vs Performance

There's so much going on in this! Anyone else seen his point play out in real life? A must watch. Click…

Do you suffer from procrastination at work?

An IFA told me today that he suffers greatly from procrastination and that it's impacting his productivity and the quality of his work. He's worried that it will get him into trouble.

We often overlook how cognitive issues might be impacting financial advisers' work and businesses, so we're going to post more on topics like these here in the hope that it will be helpful to some.

Then, out of the blue this afternoon I spotted an AI prompt which tackles this issue head on. Feel free to give it a go as it provides practical strategies and mental models to overcome procrastination. Click…

Regulatory pressures taking a toll on industry stress levels

This is a very real thing and frankly doesn't surprise me one little bit.

From my 'helicopter view' of our Facebook group over the last seventeen years, I increasingly see very interesting behaviours within responses to some posts which might suggest some problems.

During the early stages of Covid I saw this a LOT which is probably very understandable. It subsequently calmed down but it's very noticeable again. Typically I'm seeing the following: Click…

Why IFAs are joining LifeTalk Plus

LifeTalk Plus is a positive, supportive and vibrant community for forward-thinking IFAs, Financial Planners, Lifestyle Planners, Later Life specialists and other financial advice professionals.

It's a dynamic space where financial advisers and industry professionals network, share best practice, enhance their learning, ask questions and exchange ideas.

The focus of the group is on positivity and growth!

All members receive these great resources when joining:

• SIX full length pdf books (1,836 pages)

• Free Report: 2024 League Table of Adviser's Biggest Challenges

• Free 488 page eBook: Marketing and Lead Generation for Financial Advisers

• Free 60 mins training: How to Attract More of Your Ideal Clients

• Free Worksheet: How to Define and Market to your Ideal Client as a Financial Adviser

• Free 90 mins training: How to Attract More Clients Through Referrals and Introductions

• Free Referral Marketing worksheet

• And much more…

Come and join us! Click here.

Share LifeTalk Insider

Please don’t keep us a secret - pass this on to your colleagues - thanks in advance…

That’s it for this week…

If you have enjoyed LifeTalk Insider, please forward this to your colleagues and suggest they subscribe here

As always, thanks for reading and see you next time.

If you have adviser friends or colleagues, or office team members who you think would benefit from joining LifeTalk, please copy and send them this link: https://www.facebook.com/groups/AdviserLifeTalk

And join our brand new group LifeTalk Plus here:
https://www.skool.com/lifetalk-adviser-mastermind-8951

For Financial Advice Professionals

• Marketing consultancy, adviser training and conference speaking

• Presentation and public speaking skills coaching

• LinkedIn coaching for financial advisers - one to one and groups

• AI best practice training for financial advisers